In the previous posts I wrote about possible Bitcoin's downward movement. Now we can see that the market falls and we have to be ready to catch price reversal and open new long positions on proper levels. The support zone formed by SMA100, 5500.00 support level can be a good place for such reversal. RSI is near the oversold zone and MACD histogram is below the signal level. They can give good bullish signals soon. If the price bounces from the support zone and RSI confirms price reversal, we'll be able to open new buy positions. Estimated entry level will be above the high of the signal candle. Probably this price reversal will be the basis for further upward movement to 6500.00 - 7000.00 levels. But if the price breaks this support zone we should be ready to see the market falling to 5000.00 level. Price action at 5000.00 level will be very important for further price movements. If the market bounces, we'll get a new buy signal. If the market drops below 5000.00 level, it will be able to reach 4000.00 also. Let's follow the price and trade based on the clear trading signals.
I have the feeling bitcoin will rise now. Market makers can sell alts high because people are buying and can buy bitcoin low. Would be the ideal situation for them to make the most money. Lets see
Accung
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Heading to 5000 now
mitarcher
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@Accung, Sounds about right. Let's see what happens
@David_Aus, Well, thanks, I think the short-term trend is still in bearish if the price below 5750, let's see
ovibercea
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I think there's a strong chance we'll see BTC fall to ~4500 levels this week.
DLavrov
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@ovibercea, it will give good levels for buying. Why not?
ovibercea
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@DLavrov, fingers crossed? :) Btw, I'm not into BTC, just other coins. But from what I've noticed, they usually follow bitcoin trends if there are spikes. I think it's highly likely for all crypto markets to experience a downfall in the next few weeks, followed by a steep increase by the end of this year. Charts and predictions aside, lets not forget that holiday season is approaching fast, which I believe is big driving force for all markets.
enrique145
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Before I ask, I just want to thank you for your patience and well written explanations of what your intent is and the logic behind it. I made a killer trade with one of your strategies with Monero few weeks ago. Thanks again. That being said, i just wanted to see your opinion on what you think about using tools like accumulation distribution and On Balance Volumes in combination with trends and support? Are they good tools with cryptos?
z1tn
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Looking to buy large amount of BTC, should i wait or go for it?